BHIC Q2 net income retreats 18%

PETALING JAYA: Boustead Heavy Industries Corporation Bhd (BHIC) recorded an 18% decline in net profit for the second quarter ended June 30 to RM9.2mil from RM11.17mil in corresponding quarter, mainly due to higher losses posted by its associates Boustead Naval Shipyard (BN Shipyard) as well foreign exchange rate fluctuations.

In a filing with Bursa Malaysia yesterday, the company said that the results were due to provision for foreseeable loss for the restoration of KD PERANTAU and no new maintenance, repair and overhaul (MRO) activities undertaken for the current quarter.